Reply to Schools cause PoP to leave Petworth

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Maybe he sold because he realized that Petworth is at the height of the market now. Cash out, plain and simple. [/quote]

Correct, PoP bought in 2003 for 207k. Sold for 700k. Sitting on about a half-mil in profit.

http://www.zillow.com/homedetails/4110-4th-St-NW-W...shington-DC-20011/485208_zpid/ 
[/quote]

You don't seriously think that 12 years of depreciation and inflation results in a true 1/2 mil in profit?  If so, I have some timeshares in Fl. I'd like to sell you.[/quote]

economists...  :roll:[/quote]
Seriously. When I say a half-mil in profit, i really meant a half-mil in his POCKET...depending on how much he may have borrowed against the house to do work on it, etc.[/quote][/quote]

ok -- so ignore the fact that 2015 dollars are worth less than 2003 dollars.  Ignore the cost of maintenance, upkeep and improvements.  Ignore opportunity costs of money tied up in acquisition costs.

You still need to close on a property and most likely pay commission on the $700K.  As a buyer there were settlement costs too.  Not to mention anything else purchased has appreciated along with the original house.  That's not even remotely near $1/2 mil.

so seriously, I'll fly you down and put you up for the weekend. . . all you have to do is sit through a brief marketing presentation. . .[/quote]

I'm familiar with how finances work. I've lived in my house for 6 years and put plenty of money into it in terms of upgrade and maintenance. And I've taken plenty in deductions on my taxes. But if I sell it for 700K tomorrow, and my original mortgage was 200k (assuming it was in the heady days of 0% down), when I'm finished with my sale, I"m leaving the settlement table with something around $500K coming my way. Assuming I haven't put myself into debt to stay in my current place, that is a nice chunk of cash to put down on my next house.[/quote]

would you mind sharing contacts for your realtor, settlement company, and real property officer who provides so much free service?  Or the magic raygun that counters the economic reality that 2015 dollars are less valuable than 2003 ones

$½ mil is not that much to put towards houses in upper NW btw unless you can pay out a substantial nut on a jumbo mortgage.  [b]Don't really see it for bloggers, but don't know what Princess of Petworth does to earn a living.[/b][/quote]

you have a cialis grade hard-on for this guy[/quote]

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